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Large listed companies in Singapore paid their chief executive officers (CEOs) less, as the million-dollar earners were down sharply last year, local newspaper reported on Wednesday.
Only 15 percent of 60 blue-chip firms surveyed by Ernst and Young paid their chief executives packages of over 5 million Singapore dollars (3.49 million U.S. dollars), down from 23 percent in 2007, according to local English newspaper the Straits Times.
The report said that the pay squeeze was driven by the economic downturn, especially within the financial sector.
The most common remuneration band was 3 million to 4 million Singapore dollars (2.09 to 2.79 million U.S dollars), with 27 percent of CEOs falling in that range, while 5 percent of those surveyed received between 250,000 and 500,000 Singapore dollars (174,825 to 349,650 U.S. dollars). No CEO, however, received below 250,000 Singapore dollars.